So, where did that "teardrop" iPhone 5 design come from? And why wasn't it shown yesterday?

The consensus now seems to be that the iPhone 5 isn't dead. It's just delayed. Some analysts predict we could see it as early as Q2 2012.

Here's what people are saying about the iPhone 5:

Apple decided to hold off on the iPhone 5 until LTE chips were small enough to fit into the slim design, CNET reports. (Some background: LTE provides data speeds that are much faster than the current iPhone's 3G speeds. Verizon and AT&T already have LTE. Sprint will begin adopting it soon.)

MacRumors says the smaller LTE chips that fit in the iPhone 5 could be ready by the end of Q2 2012.

If all those analysts are to be believed, the future of the iPhone 5 boils down to this: Apple is waiting for chipsets to catch up with its own design. The iPhone 5 is meant to blow you out of the water. In the meantime, you have the 4S with some amazing specs to hold you over.